The Minister of Finance, Budget and National Planning, Zainab Ahmed, expressed optimism on Monday that Nigeria would exit recession soon, raising hopes that Africa’s biggest economy would reverse the contraction it reported in the last two quarters and come back to the path of growth.
Ahmed told participants at the 26th Nigerian Economic Summit the country would exit the slowdown in the current quarter or latest by the first quarter of next year.
Nigeria fell into its second recession in four years after posting negative growths of 6.1 percent and 3.6 percent in the second and third quarters respectively, the National Bureau of Statistics announced on Saturday.
The minister said: “Let me remind us that before the impact of COVID-19, the Nigerian economy was experiencing sustained growth, which had been improving quarter by quarter until the second quarter of 2020, when the impact of the COVID-19 was felt.”
She added that the recession, triggered by the COVID-19 outbreak, was a reflection of the trend across many economies in the world.
Ahmed mentioned the United Kingdom and the United States among nations whose recessions were worse than Nigeria.